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Obama announces $4 billion investments, loans to India

Source: PTI
January 26, 2015 21:53 IST
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Image: US President Barack Obama with Prime Minister Narendra Modi at the India-US Business Summit in New Delhi. Photograph: Reuters
 
 

US President Barack Obama on Monday announced investments and loans worth $4 billion by American agencies as part of measures to bolster trade with India.

"Over the next two years our Export-Import Bank will commit up to $1 billion in financing made in America exports to India... And our US Trade and Development Agency will aim to leverage nearly $2 billion investments in renewable energy in India," he said at the India-US Business Summit in New Delhi.

The visiting US President also said Overseas Private Investment Corporation will "support lending" worth about $1 billion to small and medium businesses across India in under-served rural and urban markets.

Obama also said the two countries are moving forward to realise the true potential of economic relations. "...there is new momentum, new energy, new hope that we can finally begin to realise the potential of our economic relationship," Obama said.

Stressing that India and the US are true global partners, he said, "We can grow and we can prosper together and establish a set of global norms in terms of how business is done that will not just benefit our two countries but people around the world".

On the second day of this three-day visit, Obama along with Prime Minister Narendra Modi also participated in the India-US CEO Forum.

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